Metcash Limited (ASX:MTS) announces a share repurchase program. Under the program, the company will repurchase up to AUD 175 million worth of shares. The shares will be repurchased at an indicative price of AUD 3.10 per share. The repurchased shares will be cancelled. The program will be funded from cash reserves or existing debt facilities (or a combination of both). The purpose of the program is to maximize total shareholder returns, to improve EPS and ROE and to distribute the company’s surplus capital in the most efficient manner. The company has fixed July 2, 2021, as the record date for the buyback. If the offer is oversubscribed, the company will prorate the number of shares accepted for payment. The program will expire on August 13, 2021. As of June 28, 2021, the company has 1,022,362,821 shares in issue.